New Delhi: Oil India Limited and IREL (India) Limited on Thursday signed a Memorandum of Understanding (MoU) in Mumbai to cooperate and collaborate for the development of critical minerals.
The MoU was signed by Ranjan Goswami, Executive Director (Business Development), Oil India Limited, and Ravi Prakash Jha, General Manager (Projects), IREL, in the presence of Oil India Chairman and Managing Director Ranjit Rath and IREL Chairman and Managing Director Sarada Bhushan Mohanty. Senior officials of both PSUs were also present during the signing.
The collaboration is part of the Government of India’s National Critical Mineral Mission. Both companies have been identified as participating PSUs under the mission.
Oil India, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, has diversified into the critical minerals space in addition to its existing oil and gas operations. The company has expertise in exploration, development, production, and transportation of crude oil and natural gas.
IREL, a Miniratna PSU under the Department of Atomic Energy, is engaged in mining and processing of mineral sands, including the extraction and refining of rare earth elements.
The two companies will work together to secure strategic mineral resources that are crucial for India’s energy security and technological growth.
